Toronto company testing ‘Reverse ATM’

XTM Inc., a Toronto-based company in the automated teller machine (ATM) industry, recently unveiled its first “Reverse ATM” in the Ontario capital.

The Reverse ATM receives cash rather than dispensing it, allowing people to convert banknotes into activated, open-loop, pre-paid Mastercard-branded credit cards. As part of a pilot program, XTM Inc. has deployed a Reverse ATM at Toronto’s Scotiabank Arena, home of the Toronto Raptors and Toronto Maple Leafs, which has already ordered three more machines.

“We have pending orders for about 700 machines right now,” XTM founder and CEO Marilyn Schaffer told Digital Transactions, a U.S.-based magazine and online publication, this October.

The company’s website explains the “use of cash is over and we are here to make the cash-to-card transition fast, efficient and simple.”

In a company press release this June, Schaffer called the cash-accepting kiosks “an important step in completing XTM’s delivery of a completely cashless ecosystem for our customers.”

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